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over the fiscal cliff if republicans don't give in on higher taxes for the wealthy. a little bit of trade data out of the uk. i didn't have a forecast for this. adjusted global goods trade deficit 9.5 billion. september unrevised. forecast here forecast at 8.65, so that is a wide deficit than forecast. adjusted 4.5 billion. sterling not reacting huge amount. european stocks today are firmer. up 0.4% for the ftse. xetra dax continues its strong momentum, we are trading at 52 week highs and up now about 27% for the year. bond markets which is where we stand with yields, spanish ten year yields slightly lower, but we were 5.2% beginning of the week was the handle. currency markets, not huge changes. euro-dollar just below 1.31, dollar-yen 82.44. euro trading, though, at a fresh day high it must be said. we have comments coming out of china on the smartphone segment. apple's rang in china smartphone market which will become the world's biggest this year down to number six in the third quarter. facing tougher competition from chinese brands. this is the research firm idc coming out wi
.s. goes over the so-called fiscal cliff. as christine romans reports, some homeowners could face a big tax bill. >> reporter: one in three homes in the third quarter sold short meaning you sell for less than you owe on it. right now you don't owe taxes on the forgiven debt. on the other side of the fiscal cliff you do. the mortgage forgiveness debt relief act gives homeowners a tax break on unpaid mortgage debt. it expires unless congress acts. >> the average amount homeowners are short is $95,000. if the tax break goes away as part of the so-called fiscal cliff they could be taxed on the $95,000 as additional income starting in 2013. >> how much homeowners will owe on that amount depends on the tax bracket they are in. on average it would be $20,000 to $25,000. banks have extra incentive to sell short and absorb the loss. under the act that went in this year the nation's biggest lenders get a credit on short sales. foreclosures also sell for $30,000 less than homes sold via short sales. expect short sales to jump more as homeowners look to avoid getting hit with taxes and banks look to av
the end of the year, concerns about whether the capital gains tax will rise. he says the fiscal cliff shouldn't be a big issue, and if businessmen got into the room they could solve the problem much faster than congress. >>> adding his tuppence, he says they'll have to get used to it and the fiscal cliff is one of the reasons. >> we have structural influences that speak to the deleveraging, speak to aging demographics of the boomers, that speak to globalization and technology, all of which have been labor and job unfriendly. >> joining us with his views, the senior european economist at jeffries international. before we talk about europe, i'm just wondering if bill gross is right there, what kind of impact is that going to have for everybody else? >> well, in terms of the fiscal cliff, it is having an impact on the u.s. and driving growth there. the impact on europe is probably quite limited for the time being. most certainly europe has its own problems to worry about. we're still kind of waiting for this to be resolved. i think for the time being the problems are separate. but ultima
the toll of superstorm sandy and concerns about the fiscal cliff. tax increases and spending cuts are set to trigger after january first unless the white house and congressional republicans strike a compromise. house speaker john boehner said friday the president's current approach could hamper future job growth. >> because the risk the president wants us to take, increasing tax rates, will hit many small businesses that produce 60 - 70 percent of the new jobs in our country >> democrats argue that without tax increases on the the revenue necessary to combine with the savings and with the spending cuts to reduce the deficit, to create jobs, to grow the economy, to improve the lives of the american people. >> about twelve million americans remain out of work. economists forecast dire consequences without a washington, i'm karin caifa. >>catherine: this is the 71st anniversary of the date that will live in infamy. december 7th 19-41 was when the japanese attacked pearl harbor. this was a moment of silence as 2-thousand people gathered in hawaii to honor those killed in the surprise attack.
recession, triggeri triggering events the fiscal cliff. is tax hikes and deep spending cuts january 1st if law makes can't come up with an alternative. no word if any progress was made. both men issuing statements about the talks, saying the lines of communication remain open. and police in london are owning up to authorities in awes as as the investigation deepens into an of radio station's hoax call made to the hospital. and made by these two. and they managed to dupe a nurse into giving out personal, private information and that nurse, by the way, may have committed suicide. so far police have not exactly linked her death to the prank and now for the time being, we're hearing from members of her family. >> and i'll really miss her a lot. she was a good sister-in-law, i can't forget her, she was so good. >> harris: family members talking to the media today for the first time. dj's are off the job and that may not stop the possibility of criminal charges and joining me, lee yeah, thanks for being with us tonight. >> hi, nice to be on. >> what are we learning about, whether metro london
past the fiscal cliff deadline and postponing the battle over the tax cuts for the wealthy until next month. >>> some things going on at the hospital. two australian deejays called the hospital posing at queen elizabeth and prince charles and got through to kate's private nurse. shockingly, if you hear the audio, who briefed them on her condition. >>> and a health scare for anderson cooper. he says he went blind for almost two days. he actually showed a picture of himself wearing an eye patch. he says he lost his sight for some 36 hours last week, while reporting from portugal, after spending a couple hours on the water. cooper said he felt like his eyes were on fire. it turns out, his eyeballs were sunburned. go figure. >> it can happen. >> it can apparently. >> i did not know that. >> you do now. >>> here's diane sawyer, with a preview of tonight's "world news." diane? >> hello, josh. hello to everyone on "gma." tonight, it's not just holiday shopping. join the movement. "made in america." creates new american jobs. american companies are saying thank you. the great "made in america
of course and the prospect of increased taxes as we get closer to the fiscal cliff. looks like everybody's taxes are going up no matter how this thing is comes out. consumer spending accounts for more than 2/3 of economic output. especially important at this time of year of course when a lot of sectors in all of these areas have been struggling, here is a bit of good news. martha: okay. take it. bill: not a lot. if you're driving on the road, thanks to shrinking demand manned lower fuel prices gas is sinking like a stone. a drop of 34 cents in the past month. in st. louis, drivers paying just over $3. even l.a. is paying 3.68. which is below four bucks where they have been for a very long time. even further drops expected in the coming days. martha: a devastating loss this morning. jennie rivera, the mexican american singer on the verge of crossing over to this country in u.s. popularity is presumed to have been killed when a private plane crashed in monterrey, mexico. authorities have not confirmed her debt. her relatives say they have few doubts she was on board that plane. she was hea
. everybody is looking at the fiscal cliff, tax the rich more for the fiscal. okay. we've got that. but we are definitely going to tax the rich just a little bit more come january 1 to pay for obamacare, specifically taxes on capital gains, dividends going up to just a little bit more, just a little bit more on january 1, and also a little bit more on income of those people making more than $200,000 a year. so we have defined rich down to $200,000 a year. it was a lot higher than that, but guaranteed january 1, a little bit more for obamacare. >> steve: when you say a little bit more, you mean like 3 or 4%, which adds up. >> it does. it's 3.8% extra as a capital gains tax. >> steve: that's a done deal. that's baked into the health care reform? >> that's it. there is no discussion about it. that was passed two years ago. this is going to happen. then you've got maybe a little bit more on income and other forms of income if we approach this fiscal cliff and the president gets his way. he is digging in his heels on higher tax rates on upper income earners. that will be a little bit more from
knew how to do that there would be more give and take on the fiscal cliff issue, on the tax reform and entitlement reforms that we get next year, and there is a sense he really could use a bit of some fresh blood to make things a little easier going forward. >> chris, susan, and ari, thank you very much for all joining us. and the jobs report, more jobs are added in november than was predicted. what does it all mean for the economy? we'll have our own reality check next. first, new jersey governor chris christie stops by "the daily show" to chat with jon stewart about his run-in with the boss. >> and he came up and put his hand out and i shook his hand. i tried to be cool. >> sure. >> i wasn't. >> no. >> and then he said, come on, give me a hug. and i said all right. and i hugged him. >> did he go, come on stop, let me go? >> no. i was -- that's always hard to judge, when do you stop the man hug? that's hard. >> did you give had him -- you got to give also this the pat or just go slow dance? >> i went slow dance. >> you have to be kidding me. >> i went slow dance. >> no pat. i went
. but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pen
we haven't reached any agreement on the fiscal cliff, we don't know what next year's tax structure is going to look like, how has that impacted caterpillar's plan? the deadlines of the fiscal cliff is driving us into our corners and i talk every day to our customers around this country, around the world sometimes for that matter, and in this country and they are scared to death what happens in january. nobody knows. going over the cliff is not an option we stare in the face. they'll figure out a way to get us through this in one form or fashion. there's outlandish guesses on both sides. i don't think we should risk it at all. if we do go over the downside is capex for next year, what could or should we do if everything slows down, i don't want to have to face and decide that. our outlook for 2013 is morms what 2012 is. that's the best we can see and they're three weengz away from the beginning of the year. >> i'll look forward to the day when you're in here again and can sit here for two hours and we'll run v.o. of big caterpillar equipment and talk about what's going on in china a
gets to the fiscal cliff. >> reporter: mr. obama's new proposal lowered his request for tax revenue from $1.6 trillion in ten years to $1.4 trillion.trillion on tuesday the white house threw corporate tax reform into the mix, adding it to the already agreed upon push next year for reform of individual tax rates.dismisse boehner's described it as unrealistic and said the tax revenue was "a red herring." the top senate democrat doubted a fiscal cliff deal would be l cli wrapped in time for christmas. >> i think it's going to be extremely difficult to get it done before christmas. >> reporter: speaker boehner is meeting at this hour with house republicans. despite all the gloom the president said he remains confident a fiscal cliff deal will get done. charlie and norah? >> major garrett thank you. nancy pelosi leads the democratseads in the house of representatives. we're pleased to have her with this m us.good good morning. >> good morning. >> where are these negotiations? when they were bargaining over the grand bargain you gave the the president and your caucus did
on this fiscal cliff which has automatic tax hikes and spending cuts as of january one, they are trying to avert that. he says any deal on this must include an end to the debt ceiling all together. he wants complete power to raise the country's limit by himself. he doesn't want to have to get congressional approval. that is a demand stirring strong response from republicans today. >> the on way we ever cut spending is by using the debate over the debt limit to do it. now the president wants to remove that spur to cut all together. of course, it gets in the way of his spending plans. i can assure you it one happen. the american people want washington to get spending under control and the debt limit is the best tool we have to make the president take that demand seriously. the american people want us to fight to cut spending. it's a fight they deserve and a fight we are happy to have. >> joining me now, simon rosenberg. and mark theisen. guys, welcome. simon, let me start with you on this. we did have some democrats come on the show and say no, the president doesn't get to just decide when to rais
. >> thank you, dan. >>> this morning marks 24 days before the country goes over the fiscal cliff, where everyone's taxes automatically go up. and deep spending cuts kick in. president obama is taking aim at republicans, accusing them of blocking a bill that would prevent tax rates to go up for the middle class. fiscal cliff negotiations are now in the hands of just two people. president obama and house speaker john boehner. abc's david kerley joins us live with the latest. david, we have a positive jobs report. better than expected. consumer confidence floated. >> reporter: they're using the jobs report right now, the obama administration. a little more fuel. and we are talking about two men now. it comes down to these two guys and a lot of jobs on the line. possible hiring freezes, furloughs if we go over the cliff. now, working for the cuts they will make if we do actually go over the cliff. a diner, middle-class taxpayers and the vice president, telling republicans a deal to extend tax cuts for all but the wealthy is easy. >> the president would probably have me sprint up to the hill
to take the plunge over the fiscal cliff if he doesn't get the tax increases over the wealthy. but will republicans agree to a broader deal? we have that conversation just ahead. when we come back right here, we're going to huddle around the water cooler. we have to get some space. let's put them in another room. allen simpson resorts to dancing "gangnam style" to make people interested about the debt. >> that's not pretty. >> we'll be right back. >>> i'm over. i'm done. >> let's go to the control room. >> we hear it's a strong -- >> what's your nickname? >> i know you know korean pop phenom and his song is one of your favorites. >> you should see my brother do this. >> you're not alone. it's youtube's most watched video. it even rubbed off on the debate over the national debt, specifically on 81-year-old senator allen simpson. >> stop instagramming your breakfast and getting on youtube until you can see "gangnam style." ♪ and start using those precious social media skills and go out and sign people up on this baby, three people a week. let it grow. take part or get taken ap
are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time ago, this morning. it showed that consumer confidence plunged and in the first week of its month because americans don't know what to expect taxwise. that's a bad sign for retailers at the most important time of the year. the holidays. because guess what, if consumers aren't feeling confident, they are no going to spend. that domino effect that hit retailers, many of these retailers depend on the holiday sales to push them into a profit important the year. this is what's weighing out there in -- you know, for consumers, yes. fiscal cliff definitely weighing on things. despite the fact that the jobs numbe
the dreaded fiscal cliff? it comes down to tax rates. this is a huge sticking point in the stalled negotiations between the president and mr. boehner. obama says the top rate on household income above $250,000 should rise from 35% to 39.6%. boehner wants the rate to stay at 35% or even lower. but what about meeting in the middle? around 37%? listen carefully to the speaker when he was asked today whether that rate could be the answer to this impasse. >> there are a lot of things that are possible. to put the revenue the president seeks on the table. but none of it's going to be possible if the president insists on his position. insists on my way or the highway. >> you hear what he said. a lot of things are possible. that may not sound like much where you're from, but here in washington, it sounds suspiciously like code for, we're making progress. more evidence boehner's democratic counterpart house minority leader nancy pelosi also seems to be softening her language as we head into the weekend. listen. >> what we want to do is protect the middle class. so it's not about the rate. i
, the fiscal cliff, the dividend tax rate, a power company ceo will tell us about his biggest concern if a deal doesn't get done by the end of the year. >>> also, what the ceo of walmart thinks about that, as well. he had really explosive data. mike duke last night. we'll bring it to you. "squawk box" is coming back. what's next? he's going to apply testosterone to his underarm. axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased spe
a deal on the fiscal cliff or else automatic spending cuts and tax hikes will kick in and with the fiscal cliff looming, our consumers feeling at all concerned? christine romans joins us now from new york with that. good morning, christine. >> good morning, ted. first, let me tell you what's going right in the economy for consumers. there's a whole host of things. the job markets, 7.7% unemployment, the lowest in four years. you've got the housing market showing signs of recovery. rising home values in much of the country. gas prices, did you notice? they're down 46 cents over the past couple of months. they're expected to keep going lower and the dow is up 20 points now. the dow is above 1,300 and the s&p 500 is up 12% this year. so, what could go wrong? fiscal cliff. this is something weighing op consumer sentiment and we're starting to see it in the weekly -- look at this -- 39% said it would affect it some. they don't seem to have much faith in congress to fix it and any time except 11th hour and maybe a week into the new year and there's this payroll tax holiday that most people have
of the fiscal cliff. as you know, republicans have talked about the very least extending the middle class tax cuts, taking up that piece of legislation. it would be better if we could deal with all of the issues as part of an agreement, but even republicans, lots of them, are saying, you know, worst case scenario, they would pass the middle class tax cut extension, which is a significant component of the fiscal cliff. it's not all of it, because you also have the see quester. you also have the payroll tax cut extension issue. of course, you have the president's jobs initiatives which he has proposed as part of an effort not just to maintain the current level of economic activity, but to increase it and put more people back to work. best case scenario is we get an agreement that resolves all those issues as well as the debt ceiling, but at the very least i think we would avoid big pieces of the fiscal cliff. thanks for joining us today. >> good to be with you. >> what will come from the closed door meeting between the president and speaker pain every wresh we'll talk with bill daley, former ch
. the administration says it's absolutely ready to go over the fiscal cliff unless republicans agree to tax increases. reports from major garrett and chip reid. elaine quijano on a new study that could lead to a major change in treatment for breast cancer. >> recurrence is something you live with for your entire life. >> pelley: a household name in computers is wanted in a murder investigation. bob orr reports he was tracked down by the technology he lived by. and we note two milestones: an eyewitness to this moment in history has died. then anthony mason will take five to remember dave brubeck, a giant of jazz. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening, they've never said it quite like this: the president's treasury secretary made i
't rule out an agreement to raise taxes as part of a fiscal cliff deal. but he also said there's no progress. this is what winning looks like. joining me now, e.j. dionne and thank you both for your time. senator solis, the jobless rate is at a four-year low. that's quite an achievement. >> yes, reverend re. but we still need to do more. in sectors like retail and health care and tourism and hospitality. we need to do more because people are still suffering. we've got to put jobs back in infrastructure and construction and put our teachers. that's why the president is working so hard so we don't go off the fiscal cliff so we keep the most vulnerable people out of harm's way. to pay $2,200. we've got to talk about fairness here and i'm very excited that the public is listening to the message that the president has made very, very clear. >> 146,000 new private sector jobs last month but one of the things that you talk about is the public sector. the president has proposed about $50 billion in infrastructure jobs which would be the public sector which is where a lot of the most hi
of how we fix our national deficit. as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the president is willing to see the country go off the fiscal cliff if republicans do not accede to his demands. >> it's probably pretty real. but you can't get to where we need to go by cutting spending, that won't cut it. you're going to destroy a fragile economy. you can't get there by taxing your way into it and you can't grow your way out of this. you have to have a blend. when you have leaders of parties and people from the administration saying i think it will be to the advantage of the democrats to go off the cliff or i think it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> let me ask you about a report that some republicans now are perhaps willing to see the tax rates rise to some
the so- called fiscal cliff. >> you've got to nail this down. uncertainty is killing us. >> reporter: top economists came to capitol hill thursday to talk about the impact of tax increases and government spending cuts on the middle class. president obama and house speaker john baner -- john boehner spoke wednesday but publicly are holding firm on their positions. it's made clear the country could go over the cliff if congress fails to come to a agreement. the standoff and the country's skyrocketing debt concerned ryan ryan, so much so that he's the guy in the suit dancing gangnam style with former senator alan simpson. the can kicks back is working to get young people back to fixing the debt crisis. >> we're using humor to hook them in and get them to learn about this issue and understand how it affects their lives. >> reporter: the grass roots campaign wants to sign up more than two million people to put pressure on both sides. danielle nottingham, cbs news, washington. >>> 9news now is talking to our local congressional members about the fiscal cliff. and tonight at 7:00 p.m., maryland
cliff if republicans don't agree to tax hikes on the richest americans. and so we welcome peter alexander, at the ranks of the white house correspondents, with a look at all of it. >> reporter: brian, good evening, on the north lawn, the phone call marks the first time speaker john boehner and the president spoke in a week, that is hardly something to celebrate, but they wouldn't characterize what they discussed in the phone call as the country barrels towards the fiscal cliff. with no talks and no progress to avert the looming fiscal cliff, you could say the house has left the building, streaming out of the capitol. tomorrow's session cancelled. with only three work days left this year, they are often criticized. just 16 votes. across the country, rising frustration, americans asking why the holdup. and what will their taxes look like in 2013. >> maybe instead of getting my sister two things, you give one thing, you have to give pause on what could happen next year. >> reporter: today, president obama and house republicans are locked in a political stare down. with neither side
couple of weeks about terms like the fiscal cliff and terms like -- that involve tax policy, and all of that is important to debate, but sometimes what's lost in the midst of all that is what's happening to middle-class families. for a lot of them -- and the sense that i have talking to folks in pennsylvania is that they -- they have been asking people like me to do at least two things. number one is to try to work together to get agreements, not just in the near term but over a long period of time, and number two, and not in second place, they are as fervent about this as they are about number one, and they say to me
as part of a plan to avert the fiscal cliff. >> we must reform the job killing tax code by getting rid of loopholes. our goal should be to create new taxpayers. the gop commented raising taxes won't solve the nation's 16 trillon dollar debt. the potentialal candidate in 2016 he said only economic growth and reformingen titlement programs can control the debt. >> the former florida governor said is he a democrat now. he announced that last night. he posted a photograph where he was holding a voter application. the times reported that he signed papers to change to democrat at a christmas reception at the white house. >> yesterday marked the 71st anniversary of the pearl harbor attacks and many paused to remember that faceful day. in hawaii there was a moment of silence. that surprise attack killed about 2400 people. it was the start of the united states involvement in world war ii. >>> in alameda pearl harbor survivors took part in the ceremony at the coast guard island. the 21 guard salute honored the survivors, they are still fresh for the men who were there. 91-year-old was on the w
on negotiations to avoid the massive tax hikes and spending cuts that we know as the fiscal cliff. why did frankie muniz have a mini stroke sat age 27 in the former "malcolm in the middle" star will join us to talk to us about the health scare. >>> new world order, asia returning to the power it last held in the middle ages, what this means for the u.s. >>> i'm okay. >> a ceiling collapses in the middle of an interview, a storm tears through the south. we'll have an update on the damage straight ahead. >>> we're rocking out this morning, juk lavell, the fifth rolling stone will talk about the stones tour, tuesday, december 11th and "starting point" begins right now. >>> welcome back, bob shrum, ryan lizza, from "the new yorker" john berman have a seat, christine romans sticking around to help us out. our "starting point" zipped lips on capitol hill, how rare is that. if silence is golden maybe we'll have a deal on the fiscal cliff crisis sometime soon. there's 21 days left before the tax hikes and spending cuts kick in to send us over the cliff or down that gentle slope as some like to call it. co
of the fiscal cliff instead of engaging in serious talks to avert the cliff, that includes spending cuts and tax reforms the president once supported. the white house has only offered a joke. i understand we have speaker boehner to the microphones. let's take a listen. >> when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week. eight days ago secretary geithner came here to offer a plan that had twice the tax hikes that the president campaigned on. it had more stimulus spending than it had in cuts. and an indefinite, infinite increase on the debt limit, like forever. four days ago we offered a serious proposal, based on testimony of president clinton's former chief of staff. since then, there's been no counteroffer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to slow-walk our economy right to the edge of the cliff. instead of cutting spending, the president want to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would c
plant, president obama stood his ground on the fiscal cliff. >> all congress needs to do is pass a law that would prehaven't a tax hike on the first $250 of everybody's income. >> the latest campaign stop had an announcement. business leaders warn this time of investment will suffer without a deal to avoid billions in tax increases and spending cuts next year. >> we have more than -- i think 103 ceos in town last week. the message was sit down, work it out. back in washington there's new momentum. yesterday p many p.m. and house speaker john boehner met one on one for the first time this year. then today staffers continued the private negotiations. the sooner the better, we all know el that. >> reporter: an increasing number of -- >> i actually amb ginning to believe that is the best route for us to take to again shift the focus where it needs to be, which is on entitlements. >> reporter: and budget experts see more democrats open to cutting social security and medicare. >> it's like, gosh, senator durbin, who is very, very close to the president, saying hey, look, on medicare, you kno
's looming tax and spending cuts commonly known as the fiscal cliff. despite a call between president obama and john boehner, the two sides appear to be no closer to a compromise. are republicans working on the scenes on a plan b? wall street journal columnist, dan henninger and kim strassel. you have bean working the phones, is there something going on between speaker boehner and the president? >> no, i think that they are nowhere and it's because the president is refusing to budge at all on the top toks ratestopx rates and we'll go off the cliff if the republicans don't acreed to that demand. so we're still at a stand still. >> paul: kim, why is the president so insistent on increasing tax rates? boehner has already put on the table a comparable amount of money to be gained from putting a cap on deductions, about 800 billion over ten years, so such a-- >> look, paul, two reasons. first is ideological. his partisans, his liberal base believe this is somehow a symbol of winning the tax fight and you can only do that by raising the rates on the wealthy in the country and they're insistent on
. that makes no difference whatsoever. forget this fiscal cliff deal. the moral is, you raise tax rates and down goes tax revenue. look at what happened in britain. this raised the top tax rate to 50% and two-thirds of the millionaires disappeared in the next tax year. same things are happening in france. people are leaving. the top tax rate of 75%. same thing had in maryland a few years ago. new millionaires tax. they disappeared. exactly the same thing in california. >> brian: they went to pennsylvania and california. now texas. >> you avoid a high, what they consider a high tax rate. you want to take more money off them, but when you try do it, you don't get more money off them. >> brian: are you disturbed at all, 'cause i know you're a numbers guy, that it seems as though republicans from senator cork tore coburn to coal, seem to be saying, all right, just raise the rate. give the president his trophy so we can get to real cuts, would that bother you? >> yes, it would bother me because this is a spending problem. not a tax problem. if you just give in and pay the higher tax rates or
them out of fiscal cliff negotiations. far from frozen, some set of republicans appear to be warming to higher tax rates on households earning more than $250,000. if and only if that leads to benefit cuts in health care entitlements like medicare and medicaid. >> give the president the 2% increase that he's talking about, the right increase on the top 2%, and all of a sudden, the shift goes back to entitlements. >> but house republicans, the key to any fiscal cliff deals remains suspicious. >> the president wants the rates to go up, that doesn't solve the problem. we don't want to be back here in another year, in another ten years answering the same questions. >> reporter: the republican co-chairman of the deficit reduction commission said higher tax rates are inevitable. >> if anybody out there who's, quote, rich doesn't think their taxes go up, the drinks are on me. i'll cover it. >> reporter: mr. obama and house democrats are open to making wealthier taxpayers pay more in medicare taxes but are reluctant to raise, as republicans want, the eligibility for medicare. >> where does a
that gives workers the right to not pay dues. >> steve: washington can't find a solution to the fiscal cliff . but someone who fixed budgets in the past know it is simple. >> if i raise taxes again i will have to do it in two or four years . people are going to leave. >> steve: find out how america's mayor did it straight ahead. straight ahead. feel a cold coming on? gretchen, you will be better in no time. we'll drink to that. >> you will be better in no time and all of my teases will rhyme today. "fox and friends" starts right now. ♪ ♪ "fox and friends". >> steve: ho, ho, hompt look who is here today eric boling. >> gretchen: you get your own personal lurch. >> eric: good to be here. >> steve: you will find out how booze, beer and wine can make you healthier. the news we have all waited for. >> gretchen: yeah, a lot of people waking up with a headache. now it makes sense why i drank so much last night. overnight a developing story. a medical chopper went down last night leaving three people dead. the chopper which is reggistered to rock ford memorial hospital it went down in a field .
. >> the uncertainty? >> yeah. >> blake, if there is a deal to avoid the so-called fiscal cliff, could these jobs numbers get considerable better? >> i think so, but it's funny. the republicans are in a bit of a box here. their motivation is to say it's not so good. a lot of jobless people out there. we have a real problem. meanwhi meanwhile, we have fiscal cliff negotiations where the president wants stimulus mechanisms including an extension of unemployment insurance. they're like a doctor who diagnosed you with a severe ill sxns won't sign the precipitation to give you the medicine. they emphasize the joblessness problem, and they don't want to give you unemployment insurance and tell that to someone laid off sleeping in their car. >> with these jobs numbers, had hurricane sandy not struck how better would this report have been? >> a lot of this was construction job weakness. clearly, that will rebound. one of the unfortunate upsides of natural disaster is that you do, whether the states or federal governments do it or insurance companies, you have a lot of infrastructure spending as people re
the fiscal cliff. some republicans are considering abandoning their staunch opposition to higher tax rates according to recent reports. alan simpson was co-chair on the commission of fiscal responsibility. he's a co-founder of fix the debt campaign and joins us now. senator simpson, good morning, it's great to see you. >> great pleasure to be off the witness protection program and come here. but what even more fun, david brubeck used to come to wyoming a great deal. he and his family, lovely people. i did not know he had passed. and to hear that music, it's iconic stuff. anyway. so it's good to sneak in and get made up, try to hide my identity. >> well, it's good to have you here. you say you're in the witness protection program because you've been out there on the issue of how we fix our national deficit. as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the president is willing to see the country go off the fiscal cliff
for their presents. they don't know what that's going to look like. will the fiscal cliff affect your personal situation? only 6% say not at all. so you're starting to get closer to the line here and becoming more concerned. >> i said about the top, 22 days. but you get a paycheck. i get a paycheck. a lot of people watching us right now get their paychecks and see those deductions and payroll and that is all of a sudden becoming a big uh oh. >> and for people who process payrolls, it's actually december 14th, they say. they need to know for the software systems, for the way they're cutting your check for the beginning of the year, this is what the processors association basically says. they say, the american payroll association, a delay in legislature beyond december 14th doesn't give all businesses enough time to update for early january paychecks. they say it's worse if you delay a decision a few months because they can't figure out how to go back and change your withholdings. it's all kind of a software nightmare. >> it's going to be up to us then? our deductions won't be what they should b
on that "fiscal cliff." >> there will be no deal without a compromise on taxes. >> state lawmakers fixing their cars on your dime. >> as a taxpayer, you know, it's my money going to it so it's certainly frustrating. >> oakland police fend off the feds. >> most importantly, what they avoid is a complete federal takeover something that would be an embarrassment for the city. >> i have documentation that proves the intense corruption at all levels of the belizian government. >> busted and heading back to belize. silicon valley tycoon john mcafee is now under arrest. >> the dungeness crab season just got started and already, the boats are idle. >> from across the bay -- >> it's just imagine cal for me. >> -- to around the world, the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald captions by: caption colorado comments@captioncolorado.com >>> good morning, it's thursday, december 6. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 6:30 on this thursday. >>> a broken hydrant left a wet mess in downtown san francisco. road
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